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Tuesday, 07 February 2023
StanChart Cuts seven Minnow Businesses in Africa and Middle East

StanChart Cuts seven Minnow Businesses in Africa and Middle East

2022-10-31

 

While most global businesses will cut staff in a downturn, some will cut more aggressively than others. For example, banks might let staff go, while other businesses will attempt to cut costs and expand market share.

If you run a small business in a developing country, you might want to think twice before cutting staff. Some of the businesses you may want to cut might turn out to be little more than a front for a bigger business, or simply not worth the cost.

If you cut too many staff in a country or industry, you run the risk of looking like a villain. Instead, try cutting businesses that are under-performing or unprofitable. The chart below lists some of the most popular industries and countries in Africa and the Middle East. This list of seven African and Middle East businesses shows how you can cut a few of your less important employees while still maintaining a positive team-work culture.

Africa
Africa is home to the world’s biggest oil reserves and a huge population of over 1.6 billion people. In addition, most of the above-mentioned countries are in this region.

The seven African and Middle Eastern businesses on this list account for just 0.5% of global oil production, so it makes sense to cut them if you’re feeling particularly stingy.

South Africa
This African country is well-known for its liberal policies when it comes to race. Therefore, it makes sense to cut staff in this country if you want to increase your market share.

Companies with a South African office might be able to absorb some of the reductions in other parts of the business, but it’s better to be safe than sorry.

Botswana
This African country is best-known for its border disputes with other countries, but it does have a thriving internal market.

Botswana’s internal market is so active that it can export almost anything, so it makes sense to keep your eyes open for businesses that are under-performing or have gone under in the past.

 
 

Tanzania
This African country is one of the biggest in the region, with a population of over 100 million. As such, it makes sense to cut staff in this country if you want to increase your market share. However, it’s better to be safe than sorry – there are five Tanzanian companies on this list.

Ghana
This African country is also one of the biggest, with a population of over 60 million. It makes sense to cut staff in this country if you want to increase your market share, but it’s better to be safe than sorry. There are seven Ghanaian companies on this list.

Zimbabwe
This African country also makes sense to cut staff in order to increase market share, but it’s better to be safe than sorry. There are four Zimbabwean companies on this list.

Malaysia
This Asian country is also one of the biggest, with a population of more than 36 million people. Although there are more than a dozen listed companies, the four most important ones are chosen to represent the whole country.

Cutting staff in this country is a no-brainer, as there are also four Malaysian companies on this list.

Dubai
This is an interesting one. Dubai, United Arab Emirates, is one of the biggest cities in the world, with a population of over 2 million people. However, this does not make it a good location for a business.

The thing about Dubai is that it’s an international city, so it makes sense to have a presence in this city-state, but you should avoid being too entrenched.

There are a couple of companies on this list, so if you’re looking for breathing space, this could be the right move for you.

Conclusion
As the oil price drop shows no signs of slowing down, it’s important to keep a close eye on your business’s exposure to fluctuations in the market. This can help you decide which companies to cut and which to keep.

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